In July 2017, the Chief Executive of the Financial Conduct Authority (FCA) indicated that the FCA plans to replace LIBOR by 2021. While the panel banks voiced support for continuing to sustain LIBOR until then, there has been no formal agreement laid down between the FCA and the global banks that help set LIBOR, and thus there is a risk that these banks that currently contribute to LIBOR will back out sooner than that.